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Challenging Year

All articles tagged with #challenging year

business2 years ago•1 min saved

REI Braces for Tough Year with Over 350 Layoffs

REI is laying off 357 employees, primarily at its headquarters, as it anticipates a difficult year ahead in the outdoor specialty retail industry. The company's CEO, Eric Artz, stated that the layoffs are a response to major declines in the industry and the expectation of continued challenging conditions in 2024. The layoffs will also involve a reduction in the size of the senior leadership team by 22%. REI is adjusting its plans and cost structure to align with the anticipated decrease in revenue for 2024, and the company is focused on returning to profitability for long-term success.

via KOMO News|

#business #challenging-year #layoffs

economy2 years ago•0 min saved

Eurozone Growth Outlook Dampened by Challenging Year and High Interest Rates

The European Commission has revised down its growth forecasts for the European Union, citing a "challenging year" due to the ongoing COVID-19 pandemic. The Commission now expects the EU economy to grow by 3.7% in 2021, down from its previous forecast of 4.2%. The downward revision reflects the impact of extended lockdown measures and slower-than-expected vaccine rollouts. However, the Commission expects a rebound in 2022, with the EU economy projected to grow by 3.9%.

via Financial Times|

#challenging-year #economic-outlook #economy